Forklift trucks are small industrial vehicles with power operated forked platform attached at the front that can be raised and lowered for insertion under a cargo to lift or move it. Forklifts are used in various industries including warehouse and other large storage facilities. Forklifts are powered by electric battery or combustion engines. There are various classes of forklift that are classified on the basis of fuel options and the use.
Rapid infrastructural developments and technological advancements are the factors contributing to forklift market growth. Asian market has a major share in the forklift volume owing to high demand for these trucks in emerging nations such as China and India. There has been increasing growth in the shipment volume of forklift worldwide and it is expected to show further growth in coming years, representing a positive outlook for the market.
Increasing forklift volume is mainly driven by the e-commerce growth globally. There is need of warehouse and distribution centers in the e-commerce market and e-commerce warehouses need to operate much more efficiently than bulk warehouses. One of the recent developments made in this market is hydrogen and lithium batteries to save cost and increase productivity. Class III type of forklift trucks are expected to register the highest growth in coming years due to increasing demand for electric trucks for manufacturing and warehouse activities.
The report “Global Forklift Market: Industry Analysis & Outlook (2018-2022)” by Koncept Analytics provides an extensive research and detailed analysis of the present market along with future outlook. The report discusses the major growth drivers and challenges of the market, covering Europe, Asia, the Americas and Oceania regions along with the global market. The report profiles the key players of the market including Toyota Industries Corporation, KION Group AG, Jungheinrich AG, and Mitsubishi Logisnext Co., Ltd.